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Leaders from the Group of 20 nations have pledged to continue working closely together until banking regulatory reform is complete. "We are committed to maintain the momentum of reform until the job is done," G-20 leaders said, highlighting the importance of cross-nation cooperation. The group also has asked the Financial Stability Board to determine by the end of 2014 a safe bond level for top banks to keep on hand.

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Leaders from the Group of 20 nations have pledged to continue working closely together until banking regulatory reform is complete. "We are committed to maintain the momentum of reform until the job is done," G-20 leaders said, highlighting the importance of cross-nation cooperation. The group also has asked the Financial Stability Board to determine by the end of 2014 a safe bond level for top banks to keep on hand.

Group of 20 leaders agreed to work in a coordinated fashion to minimize the damage that might ensue as the U.S. Federal Reserve reduces its monthly bond buying. "We recognize that strengthened and sustained growth will be accompanied by an eventual transition toward the normalization of monetary policies. Our central banks have committed that future changes to monetary policy settings will continue to be carefully calibrated and clearly communicated," said the G-20 communique from St. Petersburg, Russia.

Leaders are not expected to take a strict approach to regulating shadow banking when they meet next month for a Group of 20 summit in Russia. "The shadow-banking reform is more about not getting into trouble in the future, so they can take a bit more time," said Alistair Milne, a former official at the Bank of England. Officials are concerned that major changes to shadow-banking regulation would choke off liquidity, sources say.

Central bankers and finance ministers from the Group of 20 economies said they will prevent Europe's sovereign-debt crisis from undermining financial markets and banks. "We commit to take all necessary actions to preserve the stability of banking systems and financial markets as required," according to a G-20 communique.

SIFMA issued a joint statement with a trio of other financial trade groups from around the world pressing finance ministers from the Group of 20 nations to ensure that regulatory reforms do not distort competition, hinder market entry or spur regulatory arbitrage. "It is critical that the G-20 finance ministers remain committed to ensuring that reforms are developed and implemented in a manner that promotes open markets and the free flow of capital," SIFMA, along with the Investment Industry Association of Canada, the Japan Securities Dealers Association and the London Investment Banking Association, said in a statement. Read the full news release.